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- Partner K-1 Capital Account Problems with New Tax Basis Reporting
Partner K-1 Capital Account Problems with New Tax Basis Reporting
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Preston and Company
Level 1
03-24-2021
04:19 PM
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In order to comply with new tax basis reporting requirements, Pro Series allows you to enter "net income per books" on Schedule M2 on tax basis if books are kept differently. However, it does not flow to the K-1. The help in Pro Series says it will, but it does not. It still follows what is flowing from the M-1 instead of the M-2, Line 3.
What is going on here?
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